The Billion Dollar Bonfire by Chris Lee

Author:Chris Lee
Language: eng
Format: epub
Tags: Collapse of South Canterbury Finance
ISBN: 9780473504120
Publisher: PRLbooks
Published: 2019-03-08T16:00:00+00:00

The unanswered questions

Why did the government not advise the public of the error when it was found (July 2010) and release Hubbard from statutory management, thus clearing the way for an acceptance of a sale of SCF?

Was it preferable to ignore the error, decline the sale, decline supervision of the receiver, and write off hundreds of millions of taxpayer money, rather than admit an error made by senior officials and the government?

Was it preferable to accept a larger loss, blame the Labour government’s scheme, avoid disclosure of the error, and be free of these matters in time for the 2011 election?

Or were Key and English never told of the errors, and never able to make their various decisions based on the truth? Were they simply not told because officials were still seeking to understand the simple journal entries in ASL that proved that Hubbard had injected his own funds and not extracted investors’ money?

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